Ethereum Drops 16% in October as ETF Outflows Hit Record High

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The promise for "Uptober" failed ETH as well.

Ethereum witnessed one of the sharpest declines in October, despite the positive but brief start to the month, tanking by over 16%.

A large portion of those losses came because of the ETF outflows, which hit an all-time high, with over $1.6 billion leaving the funds.

ETH Failed in October
Similar to the bitcoin landscape, the leading altcoin entered October following three very successful months. After its early July low at $1,500, the asset rebounded swiftly during that month and ended it with a substantial 18.52% surge. Then came the mid-August breakout rally that drove the alt higher, posting a 32.60% surge. The streak extended in September with another 8.79% increase.

October indeed started with a minor leg up that pushed ETH close to the $2,800 resistance. The rejection there turned out to be fatal, and the asset tanked toward $2,400 within the next week. The rebound was halted at $2,560 a few days later, and ETH saw another leg down to $2,300 on October 15 after the release of the CPI and PPI data for September.

The bulls hadn’t given up yet, propelling another surge to $2,520 on October 21. However, this attempt didn’t see much success, and the asset nosedived in the following week or so. The culmination took place on October 30 after the massive Binance hack, when ETH plunged to a two-month low at $2,150.

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